Oerlikon Investor Presentation · 2014. 1. 16. · Page 5 20140116_Oerlikon@Helvea Swiss Equities...
Transcript of Oerlikon Investor Presentation · 2014. 1. 16. · Page 5 20140116_Oerlikon@Helvea Swiss Equities...
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Oerlikon Investor Presentation
Jürg Fedier, CFO
Helvea 2014 Swiss Equities Conference, Bad Ragaz
January 16, 2014
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Agenda
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 2
1 Overview
2 Business Segments
3 Outlook
4 Appendix
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Oerlikon – a global industrial player
Manmade
Fibers
Segment
Advanced
Technologies
Segment
Drive
Systems
Segment
Coating
Segment Vacuum
Segment
CHF 1 103m CHF 826m CHF 373m CHF 501m CHF 103m
CHF 186m (2) CHF 70m CHF 38m CHF 103m CHF 7m
Oerlikon
Group
Sales: CHF 2 906m
EBIT: CHF 421m (1)
~12 700 employees
~160 locations
34 countries
~CHF 160m in R&D
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1) 2012 Group EBIT contains corporate / elimination items of CHF 16 million 2) Including a one-time effect in the amount of CHF 39 million
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Oerlikon Portfolio – 9 successful strategic
transactions since 2010
Textile Segment:
Natural fibers businesses sold
Solar Segment:
Solar Segment sold
Corporate:
Pilatus stake sold
Drive Systems Segment:
Poretta site sold
Coating Segment:
Hartec acquisition
Textile Segment:
Carding business sold
Drive Systems Segment:
Garessio site sold
Coating Segment:
Rox acquisition
Textile Segment:
Melco business sold
2011 2012 2013
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12.6
-30
-20
-10
0
10
20
2008 2009 2010 2011 2012 Q32013
EBIT margin (in %)
Result of Oerlikon transformation and
underlying performance improvement
45
0
10
20
30
40
50
2008 2009 2010 2011 2012 H1 2013
Equity ratio (in %)
963
-2000
-1500
-1000
-500
0
500
1000
1500
2008 2009 2010 2011 2012 Q32013
Net cash (in CHF Mio.)
4 458
0
1000
2000
3000
4000
5000
2008 2009 2010 2011 2012 2013
Market cap (in CHF Mio.)
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Agenda
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1 Overview
2 Business Segments
3 Outlook
4 Appendix
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Population/GDP growth and increasing
spending on textile per capita
Replacement of cost intensive equipment by
resource saving innovative equipment
Growth in technical textiles for new applications
Political encouragement in China and India
Market growth of 6 % p.a.
Manmade Fibers Segment
Market drivers
Dedicated customer base with long-term
investment horizon (upstream integration) and
strong balance sheets, predominantly based in
China and India
25 leading companies will produce 60 % of
world demand thereof 22 companies are
Oerlikon customers
Customer base
Concentrated competitor base, only a few big
international players in the market for filament
spinning (i.e. TMT, CTAMP)
Local competitors in texturing, staple fibers and
nonwovens market
Competitive
landscape
Manmade Fibers
Strategic position:
High-performing manmade
fiber business (high profitable
growth potential, less
cyclicality)
Plant engineering and
construction
Growing end markets
(e.g. apparel, technical
applications, home textiles)
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Customer example – Spinning plant
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3 x 200 t/d Polycondensation
504 WINGS POY
144 WINGS FDY
648 spinning machines
Polycondensation
Plastic melt
Winder
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Q3 20132 Q3 20122 Δ
Order intake 272 256 +6 %
Order backlog 566 631 -10 %
Sales3 282 302 -7 %
EBIT 46 44 +5 %
EBIT margin4 16.5 % 14.8 % +1.7 %pts
Manmade Fibers Segment1 –
Third quarter 2013
Orders increased; sales lower due to
phasing of projects/POC
Increased EBIT margin due to favorable
product mix and operational excellence
Strong operational performance to
compensate some of the impacts related
to the divestment
Performance
Q3 2013
China remains the Segment’s
primary market
7th consecutive quarter with high
order intake
High demand for BCF equipment
(carpet yarn) in North America
Market
development
Q3 2013
RoW
Asia / Pacific 74%
North
America 15%
Europe
9%
4%
Staple fiber/nonwoven
23%
BCF
carpet yarn/
plastic
processing
Filament spinning/texturing
73%
Sales
9M 2013
Sales
Q3 2013
Key figures
Q3 2013
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1 Former Textile Segment; 2 Q3 2013 continuing operations; Q3 2012 restated; 3 sales to third parties; 4 as % of sales
2%
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Drive Systems Segment
Population growth, rising middle class and
increased mobility
Migration towards higher technology/systems
in agriculture in emerging markets
Construction and infrastructure build-up in
developing countries
Market growth GDP correlated
Concentrated customer base of global OEMs
and producers (CNH, John Deere, Caterpillar,
etc.)
Develop and expand local Chinese and Indian
customers
Many competitors worldwide competing in the
niche gear and drives market. Competitors
include both global players as well as smaller
regional producers
Drive Systems
Strategic position:
Niche applications with limited
exposure to more
commoditized gear
component market
Focus on difficult-to-produce,
high-performance products in
high-end applications
Expand in high-growth
segments such as energy and
on-/off-highway market
Market drivers
Customer base
Competitive
landscape
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Drive Systems Segment –
Third quarter 2013
RoW
Asia / Pacific
North
America
34%
Europe 50%
Energy/Mining/Specialty industry
9% High-end
automotive 13%
Construction 22%
Off-highway/Transportation
Agriculture 45%
11%
6%
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1 sales to third parties; 2 as % of sales
Q3 2013 Q3 2012 Δ
Order intake 186 165 +13 %
Order backlog 160 163 -2 %
Sales1 172 195 -12 %
EBIT 6 18 -67 %
EBIT margin2 3.4 % 9.3 % -5.9 %pts
Sales and profitability continued to be
impacted by a challenging market
environment
EBIT decline due to lower sales and
unfavorable product mix
Comprehensive mitigation actions have
been implemented
Performance
Q3 2013
Resilience of the agricultural market
Continued weakness in the heavy
construction, rail transportation and
infrastructure markets in the US and China
Customers with high inventories
Market
development
Q3 2013
Sales
9M 2013
Sales
Q3 2013
Key figures
Q3 2013
10%
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Vacuum Segment
Aging population with growing demand for
health care and pharma
Demographics and middle class development
driving process industry growth
Construction and infrastructure with coating of
glass and solar panels
Market growth GDP correlated
Reliable partner for more than 18 000
customers
Big global competitors (Edwards, Pfeiffer,
Busch) as well as regional competitors
Vacuum
Strategic position:
Vacuum solutions for process
industry, solar/coating and
R&D/analytics with limited
exposure to semiconductor
market
Modularization of product
offering and streamlining of
production process
Market drivers
Customer base
Competitive
landscape
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Vacuum Segment –
Third quarter 2013
1%
Asia /
Pacific 43%
North America
15%
Europe 41%
RoW
Others
17%
R&D/
Analytics 21%
Solar/Coating
21%
Process
industry 41%
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 13
1 sales to third parties; 2 as % of sales
Q3 2013 Q3 2012 Δ
Order intake 102 93 +10 %
Order backlog 85 74 +15 %
Sales1 98 92 +7 %
EBIT 9 8 +13 %
EBIT margin2 9.0 % 8.3 % +0.7 %pts
Increased order intake due to penetration
in energy sector
Increased sales activities led to higher
sales and market share
Sequentially lower profitability impacted by
utilization and product mix
Performance
Q3 2013
Challenging environment in process
industry
R&D/analytics and glass coating market
with solid demand
Continued weakness in solar market
Market
development
Q3 2013
Sales
9M 2013
Sales
Q3 2013
Key figures
Q3 2013
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Coating Segment
Automotive sales in emerging markets
Usage of adv. surface solutions in various
sub-segments for functional and decorative
enhancements (watches, medical, aerospace)
Substitution of chrome-plating technology on
automotive
CAGR >7 %
Broad customer base worldwide
Undisputed market and technology leader in
PVD (physical vapor deposition) coating
Coating
Strategic position:
Undisputed technology and
market leader in PVD
Expansion of components
business
Automotive industry
represents around 40 %
(direct and indirect)
Extension of product offer to
new coatings and services
Market drivers
Customer base
Competitive
landscape
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Coating Segment –
Third quarter 2013
RoW
8% Asia /
Pacific
29%
North America
14%
Europe 49%
12%
10%
Forming tools
22%
Cutting
tools 51%
Equipment Automotive
Comp.
Precision
Comp.
5%
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1 sales to third parties; 2 as % of sales
Q3 2013 Q3 2012 Δ
Order intake 123 126 -2 %
Order backlog - - -
Sales1 123 126 -2 %
EBIT 25 25 0 %
EBIT margin2 20.4 % 20.0 % +0.4 %pts
Growth in Coating Services in local
currencies (Q3: +5 %)
Stable performance on high level
Innovation milestone with BAL.IQ
New coating center in Oklahoma, US
Launch of regrinding service
Performance
Q3 2013
Rising demand in the automotive industry
in the US and China
High demand in components business, i.e.
decorative coatings in the watch industry
Market
development
Q3 2013
Sales
9M 2013
Sales
Q3 2013
Key figures
Q3 2013
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Advanced Technologies Segment
Population growth
Rising middle class (India, China and Brazil)
Accelerated demand for mobile devices /
touch panels
Demand for new, more efficient and clean
energy infrastructure
4 % market growth in semiconductor
Concentrated customer base with strong
focus in Asia
Big global as well as regional producers with
focus on different core markets
Advanced
Technologies
Strategic position:
High growth and high-
value added applications
in clean technology,
semiconductors and
mobile device markets
Incubator for new technologies
and applications predominantly
in deposition technology
Market drivers
Customer base
Competitive
landscape
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Advanced Technologies Segment –
Third quarter 2013
RoW
0%
Asia / Pacific
59%
North America
5%
Europe 36%
39%
Semiconductor
61%
Photovoltaic
0%
Others
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 17
1 sales to third parties; 2 as % of sales
Q3 2013 Q3 2012 Δ
Order intake 29 28 +4 %
Order backlog 58 33 +76 %
Sales1 22 20 +10 %
EBIT -1 -1 0 %
EBIT margin2 n/a n/a n/a
Significant orders for CLUSTERLINE® 300
High order backlog and book-to-bill ratio
above 1 indicate future sales growth
Profitability close to break-even
Performance
Q3 2013
Strong demand for power devices and
touch panels
Continued softness in semi market
Strong demand in Asia
Market
development
Q3 2013
Sales
9M 2013
Sales
Q3 2013
Key figures
Q3 2013
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Agenda
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1 Overview
2 Business Segments
3 Outlook
4 Appendix
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Oerlikon Group 2013 –
Outlook confirmed and specified
Outlook as of March 2013 Assessment after 9M 2013
Global
environment
Environment uncertain and
challenging
H1 is likely to be weak with
upside potential in H2
Global economic environment
remains uncertain and difficult
to assess
Visibility of industries and
regions is still limited
Top line Order intake to be around the
previous year’s level with
performance in H1 offset at least by
better performance in H2 2013
Sales at around the previous year’s
level
Order intake and sales
at around the previous
year’s level
Profitability Operational profitability around the
previous year’s level
Temporarily impacted by the
announced Textile Segment
divestments
EBIT margin is expected
at around 12 %
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Redeployment of cash –
Strong financial basis for future growth
-274 -86 -61 339 389
963
-500
0
500
1'000
1'500
Dec 2010 Dec 2011 June 2012 Dec 2012 June 2013 Sep 2013
Net debt / net cash position 2010 - 2013
in CHF million
Regional expansion (organic growth):
New sites (e.g. new coating centers)
Strengthening market presence in
emerging markets
Expansion of value chain:
Upstream expansion of value chain
(e.g. Coating Segment with regrinding
technology)
Complementary technology:
Add complementary technology to address
new applications with existent technology
framework
Adjacent technology:
Farming out in adjacent technologies to
broaden technology offering to the benefit
of customers
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Questions & Answers Session
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Agenda
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1 Overview
2 Business Segments
3 Outlook
4 Appendix
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Strong order intake and sequential margin
improvement in Q3 2013
667
6.7%
Q3 2013
(cont. Op.)
Q3 2012
(restated)
712 735
-5.2%
Q3 2013
(cont. Op.)
Q3 2012
(restated)
697 88
99
Q3 2012
(restated)
-11.1%
Q3 2013
(cont. Op.) Q3 2012
(restated)
901
-3.6%
Q3 2013
(cont. Op.)
869 13.5
-0.9 %pts
Q3 2013
(cont. Op.)
Q3 2012
(restated)
12.6
Order intake Sales EBIT Order backlog EBIT margin1
in CHF million in CHF million in CHF million in CHF million in %
Strong order intake growth of 6.7 % to CHF 712 million
Sequential improvement of EBIT margin to 12.6 % (Q2 2013: 12.4 %)
Sales of CHF 697 million close to prior year’s level
Strong financial position with net liquidity of CHF 963 million
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 23
1 as % of sales
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
Sales split Q3 / 9M 2013
Segment split1 Regional split1 Split service vs.
goods business1
4%
31%
19%
46%
Rest of World (-2 %pts)
Europe (-5 %pts)
North America (+6 %pts)
Asia (+1 %pts)
Q3
2013
3%
18%
14%
25%
40%
Adv. Techn. (+0 %pts)
Coating (+1 %pts)
Vacuum (+1 %pts)
Drive Systems (-2 %pts)
Manmade Fibers (-1 %pts)
Q3
2013
76%
24%
Goods, Equipment,
Components (-2 %pts)
Service &
Spare Parts (+2 %pts)
9M
2013
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 24
1 Q3/9M 2013 continuing operations, compared to prior year
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
FX impact on Sales, EBIT and EBIT margin
+1%
Q3 2013
FX impact adj.
702
Translation
effects
+6
Transaction
effects
-1
Q3 2013**
reported
697
+3
+2%
Q3 2013
FX impact adj.
90
Translation
effects
Transaction
effects
-1
Q3 2013**
reported
88
12.8 12.6
Devaluation of currencies (INR, BRL, JPY)
compensated by slightly stronger EUR
Overall minor currency impact on sales
Only minor impact on EBIT and EBIT margin
EBIT margin in %
Oerlikon Group Sales* Q3 2013
in CHF million
Oerlikon Group EBIT Q3 2013
in CHF million
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 25
* Sales to third parties * *Q3 2013 continuing operations
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
Key figures Oerlikon Group H1 2013
Order intake1 1 501 1 476 -2 %
Order backlog1 989 888 -10 %
Sales1 1 478 1 443 -2 %
EBITDA1 % of sales
297 20.1 %
239 16.6 %
-20 %
Net income 112 146 +30 %
H1 2013 H1 2012 Δ
120 168 +40 % Cash flow from operating activities
EBIT1 % of sales
2332
15.82
174 12.1 %
-25 %2
EPS 0.49 0.33 33 %
1 575 1 588 +1 % Net operating assets (incl. goodwill and brands)
Result from continuing operations1 % of sales
161 10.9 %
109 7.6 %
-32 %
in CHF million
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 26
1 H1 2013 continuing operations; H1 2012 restated , 2 excl. one-time effect of sale of Arbon property EBIT of CHF 194 million, EBIT margin of 13.1 %, Δ – 10 %
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
Constant range of investments in R&D
88
106102
118
104
0
10
20
30
40
50
60
70
80
90
100
110
120
0
1
2
3
4
5
6
7
8
9
10
11
5
FY 2009
(adjusted)
5
9M 2013
(cont. op.)
4
FY 2012
(cont. op.)
4
FY 2011
(restated)
4
FY 2010
(adjusted)
Investments in R&D (expenditure) in the range of 4-5 % of sales
in CHF million / as % of sales
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 27
R&D essential to secure
technological leadership
Constant range of 4–5 %
of sales following the
divestments
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
Return On Capital Employed (ROCE)
17.3%17.0%
19.7%
16.5%
9M 2012
17.3%
14.9%
FY 2012 (reported) FY 2011
(reported)
Q1 2013 H1 2013 9M 2013
9M 2013 ROCE: Improved 12-month rolling NOPAT over slight increased Capital Employed
The Oerlikon Group continues to earn in excess of its cost of capital
in %
Development of ROCE
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 28
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
Key figures by Segment H1 2013
Vacuum Manmade
Fibers1 Coating Adv. Tech. Drive
Systems
Order intake Δ to H1 2012
Order backlog Δ to H1 2012
Sales2
Δ to H1 2012
EBITDA Δ to H1 2012
EBITDA margin3
Δ to H1 2012
206 +6 %
85 +8 %
196 +3 %
29 -6 %
14.8 % -1.4 %pts
EBIT Δ to H1 2012
23 -4 %
EBIT margin3
Δ to H1 2012
11.5 % -1.2 %pts
540 -2 %
599 -12 %
563 +4 %
98 +27 % 4
251 -1 %
-
251 -1 %
73 -1 %
17.4 % +3.2 %pts
29.1 % -0.2 %pts
89 +33 %4
51 -4 %
15.7 % +3.3 %pts 4
20.0 % -1.0 %pts
71 +18 %
52 +100 %
44 +2 %
-1 0 %
n/a n/a
-3 0 %
n/a n/a
408 -8 %
152 -25 %
389 -13 %
34 -45 %
8.7 % -5.1 %pts
11 -72 %
2.8 % -6.0 %pts
Operating assets 286 +15 %
No. of employees 1 510 +1 %
736 +3 %
418 +4 %
2 536 +1 %
3 191 +2 %
127 +9 %
199 +6 %
1 179 +4 %
5 272 +2 %
in CHF million
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 29
1 H1 2013 continuing operations; H1 2012 restated; 2 sales to third parties; 3 as % of sales 4 on a like-for-like basis excl. one-time effect of sale of Arbon property
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
FX impact on Sales, EBIT and EBIT margin
-1%
H1 2013
FX impact adj.
1 422
Translation
effects
-16
Transaction
effects
-5
H1 2013**
reported
1 443
Transaction
effects
-5
H1 2013**
reported
174
-4%
H1 2013
FX impact adj.
167
Translation
effects
-2
12.1 11.7
Only minor currency impact on sales (-1 %)
in H1 2013
Only minor currency impact on EBIT (-4 %) and
EBIT margin (-40 basis points) in H1 2013
EBIT margin in %
Oerlikon Group Sales* H1 2013
in CHF million
Oerlikon Group EBIT H1 2013
in CHF million
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 30
* Sales to third parties * *H1 2013 continuing operations
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
Oerlikon increased net income by 30 %
Result before interest and taxes (EBIT)1
in % of sales
233 15.8 %
174 12.1 %
-25 %
Financial result1 -12 -15 -25 %
Result before taxes (EBT) 1 in % of sales
221 15.0 %
159 11.0 %
-28 %
Income taxes1
in % of EBT
-60 27.1 %
-50 31.4 %
+17 %
H1 2013 H1 2012 Δ
Result from continuing operations1
in % of sales
161 10.9 %
109 7.6 %
-32 %
Result from discontinued operations2 -49 37 >100 %
Net income 112 146 +30 %
in CHF million
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 31
1 H1 2013 continuing operations; H1 2012 restated; 2 H1 2012 including Solar Segment transaction closed on Nov. 26, 2012
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
Strong balance sheet
Cash and cash equivalents
Trade receivables
Inventories
Property, plant and equipment
Total other assets
Total assets
Current and non-current loans and borrowings
Total liabilities
Total equity
Total equity ratio
Net liquidity
Total other liabilities
Intangible assets
Non-current post-employment benefit provisions
Trade payables
Current customer advances
661
513
423
720
961
328
4 438
303
538
494
2 447
1 991
45 %
389
329
515
H1 2013 FY 2012
Assets classified as held for sale 832
Liabilities classified as held for sale 268
in CHF million
638
474
388
718
938
265
4 158
304
530
464
2 274
1 884
45 %
339
287
450
737
239
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 32
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
Net working capital
92125
289302
499
FY 2011
(reported)
7%
FY 2010
(reported)
8%
FY 2009
(reported)
17%
H1 2013
(cont. op.)
3%
FY 2012
(adjusted)
4%
Net working capital* FY 2009 – H1 2013
in % of 12 months rolling sales; in CHF million
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 33
Further reduction in net
working capital
Customer advances at
CHF 515 million
com-pared to CHF 450
million at year-end 2012
* Net working capital is defined as trade receivables + inventories – trade payables – current customer advances
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
Mid-term target corridor
6564
H1 2012
(adjusted)
+2%
H1 2013
(cont. op.)
6564
+2%
H1 2013
(cont. op.)
H1 2012
(restated)
CAPEX exceeding depreciation level
in CHF million
CAPEX in CHF million
Depreciation & amortization*
CAPEX / depreciation &
amortization ratio*
0.75
0.55
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
H1 2013
(cont.
op.)
FY 2012
(adj.)
1.43
FY 2011
(adj.)
1.20
FY 2010
(adj.)
FY 2009
(adj.)
1.00
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 34
* Excluding impairment
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
R&D, CapEx and depreciation &
amortization on Segment level
Adv. Technologies
16%
Coating 29%
Vacuum
18%
Drive Systems 11%
Manmade Fibers
27%
R&D expenses H1 2013 CapEx H1 2013
Adv. Technologies
3%
Coating 36%
Vacuum
11%
Drive Systems 36%
Manmade Fibers
14%
CHF 56m
CHF 64m
9%
Adv. Technologies
2%
Coating 35%
Vacuum
Drive Systems
38%
Manmade Fibers
15%
Depreciation & Amortization H1 2013 CapEx / Depreciation & Amortization H1 2013
CHF 65m
Adv.
Technologies
0,50
Coating
1,00
Vacuum
0,86
Drive
Systems
1,09
Manmade
Fibers
1,11 Oerlikon Group
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 35
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
Consolidated cash flow statement
247
Cash and cash
equivalents at
the beginning
of the period
660*
+60
Cash and cash
equivalents at
the end of the
period*
720*
Translation
adjustments on
cash and cash
equivalents
-8
Financing activities
-80
Investing
activities
-36
Changes in net
current assets
-79
Operating activities
before changes in
net current assets
CAPEX PP&E -61
CAPEX intangibles -13
Proceeds, interest
and Other +38
Total -36
Dividend paid -84
Interest paid -13
Proceeds from issue
of share capital 35
Other -18
Total -80
Receivables -110
Inventories -77
Payables/liabilities 45
Customer advances 64
Hedge accounting -1
Total -79
Consolidated cash flow statement H1 2013
in CHF million
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 36
* Includes cash and cash equivalents that are included in «Assets classified as held for sale»
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
Return on Net Assets at continued high level
(RONA*)
22.9%
26.7%
H1 2013
(cont. op.)
FY 2012
(restated)
FY 2011
(reported)
19.0%
FY 2010
(reported)
2.3%
FY 2009
(reported)
-20.9%
363421419
51
-589
H1 2013
(cont. op.)
FY 2012
(restated)
1,575
FY 2011
(reported)
2,205
FY 2010
(reported)
2,196
FY 2009
(reported)
2,821
1,588
Divestments and Discontinued Operations reduced asset base
Slight decline in RONA attributable to lower EBIT in H1 2013 over stable net operating assets
EBIT (12 months rolling) and Net Operating Assets*
in %
RONA*
in CHF million
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 37
* Net Operating Assets include goodwill and brands; RONA is defined as EBIT / Net Operating Assets including goodwill and brands
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
Impact from closing of Textile transaction
Divestment of Business Units Natural Fibers and Textile Components closed on July 3, 2013
Expected net cash proceeds of some CHF 500 million
Impact of reclassification of cumulative exchange
differences negative CHF 114 million (non-cash item)
Expected loss on the disposal of CHF 97 million
Result from discontinued operations in H1 2013
CHF 37 million
Full-year 2013 result from discontinued operations
expected in the amount of negative CHF 50-60 million
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 38
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
Currency mix with strong natural hedge –
Limited Swiss franc exposure
No major currency
mismatch between
sales, COGS and
overhead costs – natural
hedge
Solar divestment
reduced Swiss franc
exposure
in 2012
Limited transaction risk
Translation effects from
reporting currency Swiss
francs
Growth in China will
increase RMB proportion
17%
60%
12%
7%
4%
2012
17%55%
12%
13%
3%
2013 (e)
in % in %
Other
RMB
USD
EUR
CHF Other
RMB
USD
EUR
CHF
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 39
Currency exposure 2012 Currency exposure 2013 (e)
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
Dividend increase of 25 % – Dividend yield
of 2.4 % based on year-end share price
0.85
1.18
0.68
+25%
Normalized
EPS 2012 EPS 2012 EPS 2011
in CHF per share
Dividend proposal for FY 2012
0.25
0.20
+25%
Dividend FY 2012 Dividend FY 2011
AGM approved a pay out CHF 0.25 per share for FY 2012 in line with dividend policy
Stable pay-out ratio of 29 % based on normalized EPS
Dividend distributed from the reserve from capital contribution
Payout ratio:
29 %
Payout ratio:
29 %
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 40
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
Tra
nsp
ort
ati
on
Fo
od
Clo
thin
g
2012
Manmade Fibers
Vacuum
Drive Systems
Adv. Techn.
Coating
2012
Manmade Fibers
Vacuum
Drive Systems
Adv. Techn.
Coating
2012
Manmade Fibers
Vacuum
Drive Systems
Adv. Techn.
Coating
+5 %* +4 %* +5 %*
Presence and opportunities in
global growth markets
Ele
ctr
on
ics
Infr
astr
uctu
re
En
erg
y
2012
Manmade Fibers
Vacuum
Drive Systems
Adv. Techn.
Coating
2012
Manmade Fibers
Vacuum
Drive Systems
Adv. Techn.
Coating
2012
Manmade Fibers
Vacuum
Drive Systems
Adv. Techn.
Coating
+4 %* +2.5 %* +5 %*
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 41
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
Oerlikon shares
Listed on Swiss Exchange (SIX) since 1973
Securities symbol: OERL
Securities number 81 682
ISIN: CH0000816824
No. of shares outstanding: 333 900 639 shares
Re-entry to Swiss SMIM on April 17, 2012
Addition to STOXX Europe 600 as of June 18, 2012
Free float 55.0%
Treasury shares
0.3%
Renova Group*
44.8%
as of December 21, 2013, indexed; 100 percent = closing price per December 31, 2012
Oerlikon share price development
Oerlikon shares
as of September 30, 2013
Oerlikon shareholder structure
as of September 30, 2013
90.0
100.0
110.0
120.0
130.0
140.0
SMI Stoxx 600 Oerlikon SMIM
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 42
* Based on latest notification as of August 2, 2013 of 149 435 408 shares and shares outstanding of 333 900 639
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source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
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0,5
Coverage –
8 Buy/Accumulate & 4 Hold/Neutral
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 43
Broker (as of December 31, 2013)
Analyst Recommendation Date of last
update
Target
price
AlphaValue Pierre-Yves Gauthier Add 31.10.2013 14.00
Bank am Bellevue Alessandro Foletti Hold 10.01.2014 12.60
Berenberg Bank Benjamin Glaeser Buy 10.01.2014 15.90
Credit Suisse Patrick Laager Outperform 01.11.2013 15.00
Helvea SA Reto Amstalden Neutral 17.12.2013 13.00
Kepler Cheuvreux Christoph Ladner Buy 08.12.2013 15.00
MainFirst Michael Inauen Outperform 01.11.2013 14.40
Mirabaud Securities LLP Thomas Baumann Neutral 01.11.2013 12.50
Société Générale Jean Baptiste Roussille Hold 29.10.2013 12.80
UBS André Rudolf von Rohr Buy 01.11.2013 14.50
Vontobel Michael Foeth Buy 03.01.2014 15.00
Zürcher Kantonalbank Armin Rechberger Overweight 01.11.2013 -
Consensus 8 positive
4 neutral 14.06
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source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
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8,3
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0,5
Preferred technology supplier to technology leaders in their respective industries
Global customer base and world-leading brand names
Strong long-term customer relationships
Oerlikon Customer Base
(Selection)
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 44
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source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
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9,1
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Financial Calendar 2014
February 25, 2014 Q4 / FY 2013 results and publication of Annual Report 2013
- Annual Press Conference
April 15, 2014 Annual General Meeting of Shareholders
- KKL Lucerne
April 29, 2014
Q1 2014 Results
- Media & Analyst Conference Call
August 5, 2014 Q2 / HY 2014 results and publication of Interim Report 2014
- Media & Analyst Conference Call
October 28, 2014 Q3 / 9M 2014 results
- Media & Analyst Conference Call
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 45
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safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
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Investor Relations Contact
OC Oerlikon Management AG
Churerstrasse 120
CH – 8808 Pfäffikon SZ
Switzerland
Andreas Schwarzwälder
Head of Investor Relations
Phone: +41-58-360-9622
Mobile: +41-79-810-8211
E-mail: [email protected]
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 46
It's not allowed to change the master It's not allowed to change the master
safe space
source/footnote 8,6
4,7
8,0
9,1
6,6
8,3
8,6 source/footnote
4,7
8,0
9,1
6,6
8,3
11,6 0,2 0,2 11,6 8,7 6,4
safe space 11,6 0,2 0,2 11,6 8,7 6,4 4,2 3,7 3,7 4,2
0,9
0,5
0,9
0,5
Oerlikon has made great efforts to include accurate and up-to-date information in this document. However, we make no representation or warranties, expressed or implied, as to the accuracy or completeness of the information provided in this document and we disclaim any liability whatsoever for the use of it.
This presentation is based on information currently available to management. The forward-looking statements contained herein could be substantially impacted by risks and influences that are not foreseeable at present, so that actual results may vary materially from those anticipated, expected or projected. Oerlikon is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
All information provided in this document is not intended as, and may not be construed as, an offer or solicitation for the purchase or disposal, trading or any transaction in any Oerlikon securities. Investors must not rely on this information for investment decisions.
Disclaimer
20140116_Oerlikon@Helvea Swiss Equities Conference, Bad Ragaz Page 47